DALLAS, Jan. 7, 2025
/PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) and BBAM
today announced the sale and leaseback of 36 Boeing 737-800
aircraft. The aircraft will be owned and leased to Southwest
Airlines by Incline Aviation III, the third in BBAM's flagship
aviation investment fund series.
Steve Zissis, President and CEO
of BBAM, said: "We are excited to partner with Southwest Airlines,
one of the world's most admired and awarded airlines, on this
landmark sale-leaseback transaction. The transaction underscores
BBAM's commitment to delivering tailored fleet financing solutions
and certainty of execution to our airline partners. We look forward
to a long and successful relationship with Southwest Airlines."
Tammy Romo, Executive Vice
President and CFO of Southwest Airlines, said: "This transaction is
part of our 'Southwest. Even
Better.' transformational plan introduced in September at
Investor Day. By opportunistically monetizing surplus value from a
portion of our existing all-Boeing 737 fleet, Southwest is
generating significant cash to drive fleet modernization and offset
capital expenditures in support of our capital allocation
strategy. We are very pleased to partner with BBAM, one of
the world's leading aircraft lessors, on this transaction."
For further information regarding this transaction, please refer
to the Southwest Airlines Form 8-K filed with the SEC today.
About BBAM
BBAM is one of the world's largest and longest standing aircraft
lessors providing over 100 airline customers in more than 50
countries with fleet and financing solutions, and the only
significant manager in its sector focused exclusively on generating
investment returns on third party capital. With more than 500
aircraft under management, BBAM employs over 150 professionals
globally with offices in Dallas,
San Francisco, Puerto Rico, Tokyo, Singapore, Zurich, and Dublin. BBAM is a full-service lessor and
maintains its own in-house capabilities encompassing aircraft
origination, disposition, lease marketing, technical maintenance,
regulatory compliance, capital markets activity, tax structuring,
legal, contracts and finance, for all asset types and strategies.
Learn more by visiting www.bbam.com.
About Southwest Airlines Co.
Southwest Airlines Co. operates one of the world's most admired
and awarded airlines, offering its one-of-a-kind value and
Hospitality at 117 airports across 11 countries. Southwest took
flight in 1971 to democratize the sky through friendly, reliable,
and low-cost air travel and now carries more air travelers flying
nonstop within the United States than any
other airline1. By empowering its more
than 73,0002 People to deliver unparalleled
Hospitality, the maverick airline cherishes a passionate loyalty
among more than 137 million Customers carried in 2023. Southwest
leverages a unique legacy and mission to serve communities around
the world including harnessing the power of its People and Purpose
to put communities at the Heart of its success. Learn more by
visiting Southwest.com/citizenship.
1 Based on U.S. Dept. of Transportation
quarterly Airline Origin & Destination Survey since Q1 2021
2 Fulltime-equivalent active Employees
For further information, please contact:
BBAM Contact:
Sabah Sulaiman, BBAM Director of Corporate Administration
Email: sabah.sulaiman@bbam.com
Phone: +1-415-848-5481
Southwest Airlines Investor Contact:
Southwest
Airlines Investor Relations
214-792-4415
Southwest Airlines Media Contact:
Southwest Airlines
Media Relations
214-792-4847
swamedia@wnco.com
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SOURCE BBAM US LP
